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Rachel Reeves has rejected the idea of implementing “tax and spend” policies ahead of her upcoming spring statement, aiming to address a £20 billion deficit in public finances caused by higher-than-expected borrowing and slow economic growth. Despite facing pressure to meet her own financial rules, Reeves indicated she will not increase taxes and instead plans to make significant cuts to government departments. The chancellor is expected to cite Liz Truss’s problematic ‘mini-budget’ as a cautionary tale and has already made controversial decisions such as reducing aid spending and implementing welfare cuts to address the financial shortfall.
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